Tamil Nadu

DVAC finds ₹5.5 lakh worth foreign currencies

After searching 36 places, officials of the Directorate of Vigilance and Anti-Corruption (DVAC) have found 20 kg of gold and 280 kg of silver articles to be over the stock at a jewellery shop at Valapadi in Salem district.

According to a release, a case was registered on Thursday against chairman of Tamil Nadu State Apex Co-op Bank R. Elangovan and his son and vice-chairman of the Swami Ayyappan Educational Trust E. Praveenkumar.

They were probing allegations of possession of assets disproportionate to the known sources of their income, and intentionally enriching themselves in 2014 and 2020.

During the investigation, searches were held at 36 places. In continuation of the search conducted in Chennai, foreign currencies worth ₹5.5 lakh, investment in domestic shares for ₹25 crore and foreign shares valued at ₹45 crore were identified, the release said.

Further, after searches at the jewellery shop at Valapadi, 20 kg of gold ornaments and 280 kg of silver articles were found to be over the stock, and the authorities concerned have been informed to carry out inspections. During the searches, relevant documents related to the case were seized.

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Printable version | Dec 1, 2021 9:10:57 AM | https://www.thehindu.com/news/national/tamil-nadu/dvac-finds-55-lakh-worth-foreign-currencies/article37145075.ece

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